Thursday, January 12, 2012

More than £4bn was wiped off the stock market value of Tesco on Thursday after Britain's biggest retailer delivered its worst Christmas sales performance in decades and warned it would see "minimal" profits growth this year.

On a black day for the high street, major chains including Argos, Mothercare, Halfords and Thorntons reported sales declines over the crucial holiday season as the squeeze on living standards forced Britons to rein in their spending.